• Finmarc
  • NewsPress Releases
  • FINMARC MANAGEMENT ACQUIRES THREE-BUILDING, NEARLY 200,000 SQUARE FOOT FLEX/OFFICE PROJECT IN DULLES/WESTFIELDS, VIRGINIA FOR $33.6 MILLION

FINMARC MANAGEMENT ACQUIRES THREE-BUILDING, NEARLY 200,000 SQUARE FOOT FLEX/OFFICE PROJECT IN DULLES/WESTFIELDS, VIRGINIA FOR $33.6 MILLION
Posted on: 21/06/2021

Located in Fairfax County, Virginia, Park East I, II and III are collectively 96% leased

Finmarc Management, Inc. has acquired Park East I, II and III, a three-building business park comprised of nearly 200,000 square feet of flex/office space for $33.6 million. The assets are located on 23 acres of land, are collectively 96% leased at the time of the transaction and include a nearly 6.5-acre parcel that is suitable for a future development opportunity. Eric Berkman of Cushman & Wakefield represented the seller, PS Business Parks, and Joe Hoffman of Kelley Drye & Warren provided legal services to Finmarc Management.

This represents the company’s first acquisition since Finmarc announced its intentions earlier this year to purchase $350 million of commercial real estate assets in 2021. The company remains aggressive in its search throughout the Mid-Atlantic market for core and value-add office, retail, flex/office and warehouse/industrial properties. Finmarc has ample cash reserves to fund the acquisition activity internally based on recent sales.

Contained within the Park East Corporate Center, Park East I is located at 14150 Parkeast Circle; Park East II is situated at 14048 Parkeast Circle and Park East III is positioned at13990 Parkeast Circle. Each building features both drive-in and dock-high loading options and free on-site parking and the park is heavily landscaped and includes walking paths. The assets are within immediate proximity to VA Routes 28 and 50 and Interstate 66, and Washington Dulles International Airport is approximately 10 minutes from the site.

The project features a mix of tenants such as American Systems Corporation, the Fairfax County Board of Supervisors and United Bank. Two golf clubs are located less than one mile away and a number of shopping centers and retailers including Wegmans Food Market are within walking distance.  Finmarc intends to explore all options regarding the development opportunity on the available 6.5-acre site.

“These assets perfectly match our investment profile given its placement within a submarket with strong fundamentals including a diverse industry base and highly-skilled labor force,” explained David Fink, Principal, Finmarc Management. “The Dulles submarket continues to experience impressive growth serving as an expanding hub to Washington, D.C. and we have acquired well-maintained properties with excellent cash flow. This is a tremendous start to our larger $350 million investment strategy that we intend to complete before year-end.”  

Finmarc executives believe regional fundamentals and current economic conditions are ideal to pursue this acquisition strategy involving off-market, joint venture and for sale opportunities throughout the Mid-Atlantic.

“Continued low interest rates, a rapidly-improving economy and pent-up demand after abnormally-slow transactional volume last year are major reasons for our optimism. Our team is especially interested in under-performing properties that provide opportunities to build value with proven leasing and asset management tactics. The immediate availability of private, internal capital is an advantage on which we intend to capitalize. We are not constrained by a time period for holding an investment or defined internal rate of return goals that most investors or partner that other companies may have,” Fink added.

Finmarc Management a fully-integrated commercial real estate company that focuses on real estate investment, management, leasing and development of retail, industrial/flex, and office properties throughout the Mid-Atlantic region. The firm presently owns and manages a portfolio encompassing approximately 7 million square feet of commercial properties located in Maryland, Washington, D.C., Virginia, Delaware and Pennsylvania. For additional information visit www.finmarc.com Kelley Drye & Warren LLP is a full-service national law firm with offices across the country, including in Washington, DC, with more than 40 attorneys handling real estate transactions. The Firm’s complementary practices include tax, litigation, bankruptcy and restructuring, financial institutions, ERISA and regulatory compliance, thereby providing comprehensive legal services to its real estate clients. For additional information visit www.kelleydrye.com.